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Midatech Pharma trading in line with forecasts with focus turning to clinical trials

The three studies will be closely monitored by investors
results graphic
The trading update showed revenues were going in the the right direction, while Midatech said its US arm broke even in the second-half

Midatech Pharma Plc (LON:MTPH, NASDAQ:MTP) said trading last year was in line with forecasts with the focus in 2018 turning to three key clinical trials.

A first in-human study of Q-Octreotide, for the treatment carcinoid cancer and the hormonal disorder acromegaly, is expected to complete late this year or early next year.

READ: Critical year ahead of drug development for Midatech Pharma

A clinical assessment of MTX110, an investigational nano-inclusion product for the treatment of the fatal childhood brain cancer, Diffuse Intrinsic Pontine Glioma (DIPG), is expected to read out towards the end of 2019. 

Phase IV trial

Midetech is also carrying out a phase IV trial of cancer care product Gelclair that could expand its addressable market. This will assess its use in stem cell patients suffering oral mucositis, a side-effect of the treatment.

Unlike many other drug development companies the nano-technology specialist has a revenue-generating commercial operation which sells four cancer care support products.

In an update on its trading, the firm said turnover for 2017 would likely be in the order of £7.4mln, up from £6.9mln and in line with market forecasts. US product sales are expected to be up by 29% at £6.7mln. Midatech said the American unit reached  break-even in the second-half.

Net cash balance December 2017 31 was £13.2m – also in line with forecasts.

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